Trends with connected mining market
Which industry -specific factors feed the growth of the connected mining market?
The increase in the demand for digitization is expected to stimulate the expansion of the connected mining market. Digitization means a shift to a digital company, where digital technologies are used to transform a business model and offer new income and value creation opportunities. With connected mining, digitization means the application of advanced technology such as mixed reality, automation, IoT-driven temperature sensors, and so on. In May 2022, for example, according to the International Business Machines Corporation (IBM), a technology company established in the US, used 35% of global companies in 2022 Artificial Intelligence (AI), which marks a growth of 4% from 2021. was a growth of 13% at companies that adopt artificial intelligence (AI) in 2022 compared to 2021. Consequently The escalating demand for digitization Feeding the growth of the connected mining market.
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What is the expected market size and growth rate for the connected mining market?
The market size of connected mining has experienced a rapid expansion in recent years. The projection of 2024s $ 15.31 billion to 2025 $ 17.37 billion indicates a compound annual growth (CAGR) of 13.4%. Historical growth can be credited to factors such as increased requirements of resources, progress in sensor technologies, the pressure to reduce the costs, requirements for remote monitoring and the concerns of safety and environmental regulation.
The size of the connected mining market is expected to see remarkable growth in the approaching years, with an expected growth of $ 31.45 billion in 2029, with a compound annual growth rate (CAGR) of 16.0%. This expansion during the forecast period can be attributed to factors such as the increased focus on sustainability and ESG practices, the escalation of energy costs and environmental fears, the demand for minerals and metals, the need for improved safety and productivity, and the increase in The increase in the increase in energy costs and environmental effects. Crucial trends that must be observed during this period include the application of digital twin technology in mining activities, the use of Edge Computing for immediate data processing, the application of robotics and automation in mining procedures, the use of blockchain for transparent and safe transactions, and the turnout From cloud -based platforms for collaborative mining processes.
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Which new trends reform the connected mining market and its opportunities?
Top players in the connected mining industry focus on technological progress, in particular IoT and data analysis, to improve the efficiency, safety and sustainability of the operation in mining activities. ABB Care for Hoisting, a proactive maintenance service from ABB, is designed to stimulate the performance and accessibility of mining systems, while downtime is mitigated by using advanced services and digital technologies. In September 2024, for example, in Switzerland, the Switzerland automation agency ABB Ltd. A new line of service options rolled out with the name ABB Care for Mining Automation and ABB Care for Histing. These services are aimed at moving mining activities from conventional reactive maintenance to more progressive solutions, increasing productivity and operational health, while the downtime is shortened. The ABB care framework offers proactive and preventive services to guarantee a smooth and efficient operation.
Which important market segments determine the scope and growth of the connected mining market?
The mining market affiliated in this report is segmented –
1) Per component: solution, services
2) Due to the type of mining: surface, underground
3) Per implementation mode: On-Premises, Cloud
4) For each application: Exploration, Processing and Raffinage, Transport
Subsegments:
1) Through solution: following assets and optimization, industrial safety and security, analyzes and reporting, process control, operational performance, quality optimization solutions
2) By Services: Professional Services, Managed Services
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Which region dominates the connected mining market?
North America was the largest region in the connected mining market in 2024.Asia-Pacific is expected to be the fastest growing region in the prediction period. The regions handled in the Connected Mining Market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Which important market leaders stimulate the growth of the connected mining industry?
Large companies that are active on the Connected Mining Market are ABB Ltd., International Business Machines Corporation (IBM), SAP SE, Cisco Systems Inc., Schneider Electric SE, Caterpillar Inc., Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Hexagon AB, Sandvik AB, Epiroc AB, Wenco International Mining Systems Ltd., Minware PTY Ltd., Rpmglobal Holdings Limited, Siemens AG, Rockwell Automation Inc., Trimble Inc., Osisoft Sylces, Maptek Ptymes Se, Intellisense. Io Ltd., Motion Metrics International Corp., MST Global PTY LTD., Fluidmesh Networks LLC, Swift Navigation Inc., Minsense Technologies Ltd., Micromine Pty Ltd.
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What is being dealt with in the Global Market report from Connected Mining?
• Prediction of the market size: research The market size of the connected mining market in important regions, countries, product categories and applications.
• Segmentation -Insights: Identify and classify subseeggments in the connected mining market for a structured concept.
• The most important overview of players: analyze important players in the connected mining market, including their market value, shares and competitive positioning.
• Exploration of growth trends: assess individual growth patterns and future opportunities in the connected mining market.
• Segment contributions: Evaluate how different segments stimulate total growth in the connected mining market.
• Growth factors: emphasize important factors and opportunities that influence the expansion of the connected mining market.
• Industry challenges: identify potential risks and obstacles that influence the connected mining market.
• Competitive landscape: assessment of strategic developments in the connected mining market, including extensions, agreements and new product launches.
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